One of the largest futures companies, which comprises of four exchanges – CME, CBOT, NYMEX and COMEX – will provide traders with precise daily crypto price monitoring.

The Bitcoin Real Time Index (BRTI) is calculated with the help of London-based Crypto Facilities and displays global demand to buy and sell bitcoin aggregated into a consolidated order book, the announcement states. The Bitcoin Reference Rate (BRR) benchmark is a once-a-day reference rate on the price of bitcoin in US dollars.

The reference bitcoin price will be updated after 15.00 UTC every day.

The two indexes accumulate information about bitcoin exchange rates from an array of global cryptocurrency trading platforms including Bitfinex, Bitstamp, Coinbase, Genesis Global Trading, itBit and Kraken.

According to CME Group, the main goal is to provide customers with actual and accurate bitcoin price source to let them evaluate digital and cryptographic assets traded on the blockchain.

The launch of the new derivatives has been preceded by months of development and beta-testing.

CME Group’s management repeatedly stated their interest in cryptographic technologies.  As the group’s executive director Sandra Ro pointed out earlier, the number of planned bitcoin exchange-traded funds (ETFs) is increasing.

The new CME benchmarks could be used as building blocks for futures contracts that would make it easier for investors to trade bitcoin, believes Daniel Masters, chief investment officer at Global Advisors.

Bitcoin trading is a difficult process, writes the Wall Street Journal. US broker firms generally do not deal with cryptocurrencies, therefore, bitcoin traders have to open personal accounts directly on exchange platforms. There are dozens of bitcoin exchanges, many of them small and mildly regulated. If such big market players like CME Group launch ETF or bitcoin futures, trading the digital currency would attract more investments, concludes the author.

As of this morning, the bitcoin reference rate is $700.53, according to CME.

Elena Platonova